Apollo Hospitals is India’s largest listed hospital company and more interestingly it is transforming itself to a online healthcare service provider. Apart from hospitals, the company has a thriving pharmacy business which has done exceedingly well particularly during the lockdown period. Post lifting of lockdown, occupancy at its hospitals is gradually improving. We have an over weight rating as long term prospects are excellent and near term performance has been industry leading. The management has completed a large capex from 2014-18 which should reap benefits from now onwards. India’s demographic favour increased spending on healthcare post a health crisis. Main risk factor is government interference in pricing and low RoC but if the digital healthcare initiatives such as online consulting and sale of medicines is successful, street will ascribe a higher value
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